Publicis, Omnicom terminate their $35 billion merger

The Publicis Groupe and the Omnicom Group have jointly announced that they have terminated their proposed merger of equals by mutual agreement, in view of difficulties in completing the transaction within a reasonable timeframe. The merger was valued at $35.1 billion. In a joint statement issued by both groups, the parties have released each other from all obligations with respect to the proposed transaction, and no termination fees will be payable by either party.[caption id="attachment_1515293" align="alignleft" width="380"] Wren (left) and Levy at the merger announcement (courtesy: AFP)[/caption]Maurice Lévy, chairman and chief executive offier of Publicis Groupe, and  John Wren, president and chief executive officer of Omnicom Group, said, "The challenges that still remained to be overcome, in addition to the slow pace of progress, created a level of uncertainty detrimental to the interests of both groups and their employees, clients and shareholders. We have thus jointly decided to proceed along our independent paths. We, of course, remain competitors, but maintain a great respect for one another."This decision was unanimously approved by the Management Board and the Supervisory Board of Publicis Groupe and the Board of Directors of Omnicom.